Ocwen Does Indeed Suck

To expand on the article submitted "Ocwen Sucks", we're in a similar situation with this particular loan servicer.

All along, we have been terrified of moving past a 90 day default period as Ocwen has told us repeatedly that if we did, our file would be closed and move to another department and we'd have to start all over again AND they'd foreclose on us before that happened - in other words, if we didn't "suck it up" and submit payments, we'd lose our home and be on the street.

So, we have been submitting payments at balloon interest rates (more than half of our income per month) to Ocwen every month with the hopes of modifying under Making Home Affordable with other bills taking a back seat. We're now behind on three months of other regular monthly bills only to receive a notice that we too were denied a Making Home Affordable modification. The reasons Ocwen gave us are very vague, but they were adamant that there are very strict and rigid government guidelines for qualification - in other words, it's Obama's fault.

Ocwen quickly noted we "may" qualify for one of their programs outside Making Home Affordable and asked us to submit a list of 'required documents' - the same docs we've submitted every month for the past three months.

We know the process then - it'll take at least 2-3 weeks for Ocwen to upload this into their system (even though we submit our documents in a full pdf file), then another 2 weeks to review, then a document will be missing, then it'll take 2-3 weeks to get those missing documents into their system, then certain documents will be dated/expired and require resubmitting....you get the point. It's one BIG stall after another.We too receive the same excuses - takes time, too many applicants, waiting for software from the government, etc.

After much agonizing, we decided to go ahead and move past the 90-day default into "official" foreclosure...sounds scary right? What's amazing is we feel strong, confident, and fearless. Whatever happens happens at this point. And if we lose our home then so be it. Mind you we're not taking this lying down, but my point - we're done being afraid. We can't afford the payments and well, we're done.

Ocwen called the other night and we calmly and confidently noted we cannot / will not be able to submit a payment, and yes, we're aware what this means, but we can't do it any longer. The agent went into a bit of a panic, put us on hold, came back and urgently told us to call an 800# with a specific extension to reach a specific Ocwen Loan rep directly (tho a name was never provided). We were stumped. Why the agent couldn't transfer us directly or have this "special" agent call us back remains a mystery.

We did call the number and listened to the automated voice mail (which for those of you who've been calling Ocwen, they've now included a British woman's voice into the mix), were then routed to another department as apparently our account is "flagged" only to be informed that this office is closed.

This is crazy and just one more experience noted in our ongoing log of interactions and engagements.

Would love to hear from more people about their experiences with their banks or loan servicers, particularly those with Ocwen.